Sanctions, cyberattacks, and climate change are major global risks for the energy industry
Today there are two global risks: sanctions and cyber risks. Moreover, reinsurance companies exclude the latter from the insurance list. Indeed, as we know, a single cyberattack can affect not only one company, but the entire global market — Natalya Karpova, Deputy Chairman of the Board, Russian National Reinsurance Company.
Naturally, sanctions have a rather serious effect on the oil and gas sector. It’s connected with virtually every aspect — exploration, extraction, refining, transportation, etc. [...] Projects have been suspended not only offshore, but also those involving hard-to-recover reserves — Victor Khaikov, President, National Oil and Gas Service Association.
Climate risks are a highly multifaceted thing. On the one hand, we need — and this is already being done — a wide range of insurance products that deal with this issue in one way or another. First and foremost, global warming and weather anomalies that somehow affect the infrastructure of companies, industries, pipelines, and many other things. I know that a number of Western companies have already included their products in the range of services that are offered as a financial hedge for the problem of climate risks — Sergey Roginko, Head of the Ecology and Development Centre of the Institute of Europe at the Russian Academy of Sciences .